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Exam 15: Job Order Costing

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Question 51

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Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June.

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Question 52

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During 2017, Tanner Manufacturing expected Job No. 26 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Tanner applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in materials used, and $220,000 in labor. All of the goods were completed. What amount was transferred to Finished Goods?

A) $1,000,000
B) $1,060,000
C) $1,070,000
D) $1,100,000

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Question 53

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Simpson Company applies overhead on the basis of 200% of direct labor cost. Job No. 305 is charged with $180,000 of direct materials costs and $200,000 of manufacturing overhead. The total manufacturing costs for Job No. 305 is:

Haight Company incurred direct materials costs of $2,500,000 during the year. Manu-facturing overhead applied was $450,000 and is applied at the rate of 60% of direct labor costs. Haight Company's total manufacturing costs for the year was

Kline Manufacturing has the following labor costs: The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for

Manufacturing overhead items are indirect product costs that cannot be traced to individual products. Explain how manufacturing overhead costs are accumulated and how they are assigned to products in a job order cost system.

Sportly, Inc. completed Job No. B14 during 2017. The job cost sheet listed the following: How much is the cost of the finished goods on hand from this job?

As of December 31, 2017, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2017, there was $1,600 of materials on hand. During the year, the company purchased $354,000 of materials; however it paid for only $314,000. How much inventory was requisitioned for use on jobs during 2017?

The manufacturing operations of Beatly, Inc. had the following balances for the month of January: Beatly transferred $270,000 of completed goods out of work in process during January. Instructions Compute the cost of goods sold for January.

In January, Harlan, Inc. production supervisor requisitioned raw materials for production as follows: Job 1 $700, Job 2 $900, Job 3 $400, and general factory use, $520. Instructions Prepare a summary journal entry to record raw materials used.

Kinney Company applies overhead on the basis of 150% of direct labor cost. Job No. 176 is charged with $150,000 of direct materials costs and $180,000 of manufacturing overhead. The total manufacturing costs for Job No. 176 is

If actual manufacturing overhead was greater than the amount of manufacturing overhead applied to jobs, the Manufacturing Overhead account will have a ___________ balance and overhead is said to be ______________.

Manufacturing costs are generally incurred in one period and recorded in a subsequent period.

The following information is available for completed Job No. 402: Direct materials, $120,000; direct labor, $180,000; manufacturing overhead applied, $90,000; units produced, 5,000 units; units sold, 4,000 units. The cost of the finished goods on hand from this job is

On the cost of goods manufactured schedule, the cost of goods manufactured agrees with the

Gulick Company developed the following data for the current year: Gulick Company's ending work in process inventory is

Builder Bug Company allocates overhead at $9 per direct labor hour. Job A45 required 4 boxes of direct materials at a cost of $30 per box and took employees 20 hours to complete. Employees earn $15 per hour. Instructions Compute the total cost of Job A45.

Madison Inc. uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2017 totaled $18,000 of materials, $9,000 of direct labor costs, and $6,000 of manufacturing overhead applied. The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of any year. Beginning work in process totaled $15,000, and the ending balance is $9,000. During the year, the company completed 25 machines. How much is the cost per machine?

Manufacturing cost data for Dolan Company, which uses a job order cost system, are presented below: Instructions Indicate the missing amount for each letter. Assume that overhead is applied on the basis of direct labor cost and that the rate is the same for both cases.

The accounting records of Roland Manufacturing Company include the following information: Manufacturing overhead is applied at a rate of 150% of direct labor cost. Instructions Answer the following questions: 1. What is the total of the debits to Work in Process Inventory during the year? 2. What is the amount transferred to Finished Goods Inventory during the year? 3. What is the cost of goods sold?